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Affirm Holdings Balance Sheet 2026-2011 | AFRM
Brief overview of Affirm Holdings's assets and capital
The review uses the five latest available annual reports between 2021 and 2025.
Assets advanced +129.2% to $11.2 billion from $4.9 billion; annual growth near 23% reflects a fast increase in scale.
Liabilities grew faster than assets: +252.9% versus +129.2%. A substantial part of expansion was externally funded.
Shareholders' equity accounts for 27.5% of assets, previously 52.9%. Dependence on liabilities is moderate.
Each unit of equity supports 2.04x of net debt. This elevated load requires dependable cash generation.
The cash share moved from 30.1% to 12.1%. A higher figure generally provides more room in an adverse scenario.
The balance sheet carries negative retained earnings of -$3.1 billion. The figure may result from accumulated losses or an active capital return policy.
Balance sheet takeaway
Affirm Holdings's financial structure calls for caution. Stronger equity, lower debt or restored liquidity would be needed to improve it.
Annual Balance Sheet Affirm Holdings
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
8.16 B | 6.26 B | 824 M | - | - | - | - | 249 M | - | - | - | - | - | - | - | - |
Long Term Debt |
9.79 B | 7.61 B | 1.84 B | - | - | - | - | 569 M | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | - | 1.38 B | - | - | - | - | - | - | - | - |
Total Liabilities |
10.3 B | 8.09 B | 6.79 B | 5.62 B | 4.36 B | 2.29 B | 1.77 B | 1.41 B | - | - | - | - | - | - | - | - |
Retained Earnings |
-1.13 B | -3.06 B | -3.11 B | -2.59 B | -1.61 B | -898 M | -447 M | -318 M | - | - | - | - | - | - | - | - |
Total Assets |
15.8 B | 11.2 B | 9.52 B | 8.16 B | 6.97 B | 4.87 B | 1.4 B | 1.15 B | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
1.63 B | 1.35 B | 1.01 B | 892 M | 1.26 B | 1.47 B | 267 M | - | - | - | - | - | - | - | - | - |
Book Value |
5.48 B | 3.07 B | 2.73 B | 2.53 B | 2.62 B | 2.58 B | -367 M | -263 M | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
5.48 B | 3.07 B | 2.73 B | 2.53 B | 2.62 B | 2.58 B | -367 M | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Affirm Holdings
| 2026-Q4 | 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
9.79 B | 8.87 B | 9.01 B | 7.74 B | 9.01 B | 7.74 B | 7.31 B | - | 7.31 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
8.09 B | 9.36 B | 9.41 B | 8.18 B | 9.41 B | 8.18 B | 7.7 B | 7.3 B | 7.7 B | 7.3 B | 6.43 B | 6.58 B | 6.43 B | 5.84 B | 5.29 B | 5 B | 5.29 B | 4.6 B | 4.36 B | 4.46 B | 4.48 B | 3.02 B | 2.29 B | 2.29 B | 1.73 B | 965 M | 965 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-3.06 B | -2.74 B | -2.85 B | -2.98 B | -2.85 B | -2.98 B | -3.13 B | -3.21 B | -3.13 B | -3.21 B | -2.93 B | -3.06 B | -2.93 B | -2.76 B | -2.18 B | -2.39 B | -2.18 B | -1.86 B | -1.61 B | -1.42 B | -1.36 B | -1.21 B | -898 M | -898 M | -494 M | -447 M | -447 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
11.2 B | 13.1 B | 13 B | 11.5 B | 13 B | 11.5 B | 10.5 B | 10.1 B | 10.5 B | 10.1 B | 9.06 B | 9.2 B | 9.06 B | 8.41 B | 7.8 B | 7.51 B | 7.8 B | 7.17 B | 6.97 B | 7.03 B | 6.95 B | 5.4 B | 4.87 B | 4.87 B | 2.71 B | 1.4 B | 1.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
1.26 B | 1.72 B | 1.53 B | 1.43 B | 1.53 B | 1.43 B | 1.2 B | 1.05 B | 1.2 B | 1.05 B | 1.04 B | 1.27 B | 1.04 B | 1.08 B | 1.44 B | 972 M | 1.44 B | 1.53 B | 1.26 B | 2.26 B | 2.57 B | 1.44 B | 1.69 B | 1.47 B | 521 M | 267 M | 267 M | 257 M | 255 M | - | 358 M | - | - | - | 238 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
3.07 B | 3.78 B | 3.55 B | 3.3 B | 3.55 B | 3.3 B | 2.79 B | 2.84 B | 2.79 B | 2.84 B | 2.63 B | 2.62 B | 2.63 B | 2.57 B | 2.51 B | 2.51 B | 2.51 B | 2.56 B | 2.62 B | 2.58 B | 2.47 B | 2.38 B | 2.58 B | 2.58 B | 978 M | 437 M | 437 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
2.53 B | 3.78 B | 3.55 B | 3.3 B | 3.55 B | 3.3 B | 2.79 B | 2.84 B | 2.79 B | 2.84 B | 2.63 B | 2.62 B | 2.63 B | 2.57 B | 2.51 B | 2.51 B | 2.51 B | 2.56 B | 2.62 B | 2.58 B | 2.47 B | 2.38 B | 2.58 B | 2.38 B | -343 M | -343 M | -350 M | -415 M | -337 M | -285 M | -263 M | - | - | - | -169 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Affirm Holdings, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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